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USDINR opened at 65.51 and closed at 65.41 on Metropolitan Stock Exchange of India In India.

Friday, June 10, 2011

Nickel Was The Weakest in The Recent Days

Nickel, more than 60 percent of which is used in stainless steel, was the weakest in the recent days owing to the fall in demand for steel market. Even the weakness in the US dollar failed to incite strength in the metal, which helped other metals to minimise losses and even recover some of it post commodity sell off.

Jinchuan, the largest nickel producer of China, has reduced prices for the two grades in its product line by 3000 Yuan per metric tonne, or 1.7 percent on Wednesday. The company had already reduced prices of its products by 3000 Yuan earlier during the month of May.

According to a report from Platts Jinchuan has a nickel production capacity of 150,000 mt/year, which accounts for about 90% of China's total capacity. This will increase to 250,000 tonnes per year by 2015 following the startup of the company's 100,000 per year electrolytic nickel smelter at Fangchenggang in the Guangxi Zhuang autonomous region.